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Ceiling fan price household appliances industry: retrospective performance of Listed Companies in 2010 household appliances policy period

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Ceiling fan price household appliances industry: retrospective performance of Listed Companies in 2010 household appliances policy period

Date of release:2019-01-25 Author: Click:

On January 8, 2019, Ning Jitao, deputy director of the National Development and Reform Commission, said on CCTV that the government would formulate a new policy to encourage household appliances consumption in 2019. The policy of encouraging household appliances to consume ceiling fans is not a new term. It was implemented from 2007 to 2013. It is divided into three principles: going to the countryside for household appliances, replacing old ones with new ones, and saving energy and benefiting the people. The overlapping period of the three guidelines is from 2009 to 2013. Household appliances went to the countryside in February 2009, and replacing the old with the new was proposed in May 2009. Energy saving and benefiting the people were implemented in 2012 to alleviate the impact of the withdrawal of the aforementioned policy on the occupation. The guidelines were piloted in 2007, launched in 2009 and completed in 2013.

Occupational data show that in 2008, China's household appliances sales showed a negative growth under the impact of the financial crisis, and the policy was favorable. In 2009, the recovery growth reached its peak in 2010, and began to decline in 2011.

On the one hand, the stock price of listed companies focuses on white and black electricity. The stock price boost is strong, and the improvement of kitchen and small household appliances is weak. On the other hand, the capital market reflects a year ahead of the real economy. In 2009, the three major policies were introduced and implemented. The stock price rose the most in 2009 and the professional sales data rose the most in 2010. It needs to be emphasized that the impact of property relaxation on housing purchase in 2009 will bring about new demand, which is a two-tier positive impact.

In terms of the range rise and fall of listed companies, the share price was released in 2009: the leading share price fell in 2008, the share price rose and doubled in 2009 mainly in Haixin Electrical Appliances (+308%), Haixin Home Appliances (+258%), Swan A (+227%), Qingdao Haier (+179%) and Gree Electrical Appliances (+126%), and the share price rose sharply year by year in 2010 and 2011. It is worth mentioning that in 2009 and 2010, Huadi shares of Kitchen Electricity recorded two consecutive years of high share prices, 99% and 118%. Midea Group, which attaches great importance, was listed in 2013 and Boss Electrical Appliances was listed at the end of 2010.

In terms of income, net profit and earning interest rate of listed companies, the growth rate of primary income will increase in 2010, which is the perfect year for the implementation of the three principles; secondly, the growth rate of net returns to home and net returns to non-home will increase in 2009 and 2010, which is related to the low base in 2008; thirdly, the gross interest rate will increase in 2009, and the net interest rate will increase in 2010, reaching the phased peak respectively. Fundamental conclusion is that listed companies'earnings began to grow at a high level in the year after the implementation of the policy in 2009 due to the low base in 2008. Income growth of Listed Companies in the first intact year of 2010 increased significantly, and began to weaken gradually in 2011.

Current valuation (January 8, 2019 closing PE-TTM) shows that the leading household appliances stocks are at a low level, during which Haixin household appliances (Kelong) 6.8 times, Gree 7.8 times, Qingdao Haier 11.5 times, Huadi 11.8 times, Mei 12.2 times, the boss 12.9 times, Swan 15.7 times, Haixin 15.8 times. Recalling that in 2010, the PE (TTM) of leading companies was 12-19 times of Gree, 19-33 times of Haier in Qingdao, 20-32 times of Haixin Electric Appliances, 31-59 times of Swan and 44-73 times of Haixin Home Appliances. We advocate the distribution of low-value white and black electricity leading bidders.

Risk Tips: The policy is formulated regularly and long, the policy is not as strong as the previous one, and the pilot project and bidding time are needed.



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Key word:Ceilingfanprice,CeilingFanCompany,Manufacturerofceilingfans

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    Contact person: Mr. Li   /  Ms. Zhang

    Contact information: 0757-26662385 0757-66882333

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